Practical Management Science, Loose-leaf Version
5th Edition
ISBN: 9781305631540
Author: WINSTON, Wayne L.; Albright, S. Christian
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 4, Problem 71P
a)
Summary Introduction
To determine: The way to maximize profit.
Linear programming:
It is a mathematical modeling procedure where a linear function is maximized or minimized subject to certain constraints. This method is widely useful in making a quantitative analysis which is essential for making important business decisions.
b)
Summary Introduction
To use: A solver table to know the impact on optimal profit due to the increase of availability of crude 1.
Linear programming:
It is a mathematical modeling procedure where a linear function is maximized or minimized subject to certain constraints. This method is widely useful in making a quantitative analysis which is essential for making important business decisions.
c)
Summary Introduction
To use: A solver table to know the impact on optimal profit due to the increase of availability of crude 2.
Linear programming:
It is a mathematical modeling procedure where a linear function is maximized or minimized subject to certain constraints. This method is widely useful in making a quantitative analysis which is essential for making important business decisions.
d)
Summary Introduction
To use: A solver table to know the impact on optimal profit due to the change in the price of gas 2.
Linear programming:
It is a mathematical modeling procedure where a linear function is maximized or minimized subject to certain constraints. This method is widely useful in making a quantitative analysis which is essential for making important business decisions.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
How do we prioritize mental well-being and incorporate stress management techniques?
What are the obstacles to a balanced Workout plan to ensure comprehensive fitness and how to overcome them?
You ordered 1,000 tons of cocoa beans, which will be delivered to your chocolate manufacturing plant in PA in March next year. The current price of cocoa beans, as of today, is $2,260 per ton.
There is an investor company who currently offers two types of risk hedging contracts:
-Forward contract: $2,400 per ton at a fixed cost of $30,000.
-Futures contract: $2,400 per ton at a cost of $50 per ton (therefore, the up-front cost is 1000 tons * $50 per ton = $50,000)
Assume that the price of cocoa beans went down to $2,200 per ton in March 2023. How much would you need to pay for 1,000 tons of cocoa beans under the futures contract?
What are the goals for maintaining focus, tracking progress, and staying motivated on wellness?
How do they relate and impact the past and future routine workouts?
What are the strengths and weaknesses, and how can we overcome the obstacles that could occur?
Chapter 4 Solutions
Practical Management Science, Loose-leaf Version
Ch. 4.2 - Prob. 1PCh. 4.2 - Prob. 2PCh. 4.2 - Prob. 3PCh. 4.2 - Prob. 4PCh. 4.2 - Prob. 5PCh. 4.2 - Prob. 6PCh. 4.3 - Prob. 7PCh. 4.3 - Prob. 8PCh. 4.3 - Prob. 9PCh. 4.3 - Prob. 10P
Ch. 4.3 - Prob. 11PCh. 4.3 - Prob. 12PCh. 4.4 - Prob. 13PCh. 4.4 - Prob. 14PCh. 4.4 - Prob. 15PCh. 4.4 - Prob. 16PCh. 4.4 - Prob. 17PCh. 4.4 - Prob. 18PCh. 4.4 - Prob. 19PCh. 4.5 - Prob. 20PCh. 4.5 - Prob. 21PCh. 4.5 - Prob. 22PCh. 4.5 - Prob. 23PCh. 4.5 - Prob. 24PCh. 4.5 - Prob. 25PCh. 4.6 - Prob. 26PCh. 4.6 - Prob. 27PCh. 4.6 - Prob. 28PCh. 4.6 - Prob. 29PCh. 4.7 - Prob. 30PCh. 4.7 - Prob. 31PCh. 4.7 - Prob. 32PCh. 4.7 - Prob. 33PCh. 4.7 - Prob. 34PCh. 4.7 - Prob. 35PCh. 4.7 - Prob. 36PCh. 4.7 - Prob. 37PCh. 4.7 - Prob. 38PCh. 4.7 - Prob. 39PCh. 4.7 - Prob. 40PCh. 4.8 - Prob. 41PCh. 4.8 - Prob. 42PCh. 4.8 - Prob. 43PCh. 4.8 - Prob. 44PCh. 4 - Prob. 45PCh. 4 - Prob. 46PCh. 4 - Prob. 47PCh. 4 - Prob. 48PCh. 4 - Prob. 49PCh. 4 - Prob. 50PCh. 4 - Prob. 51PCh. 4 - Prob. 52PCh. 4 - Prob. 53PCh. 4 - Prob. 54PCh. 4 - Prob. 55PCh. 4 - Prob. 56PCh. 4 - Prob. 57PCh. 4 - Prob. 58PCh. 4 - Prob. 59PCh. 4 - Prob. 60PCh. 4 - Prob. 61PCh. 4 - Prob. 62PCh. 4 - Prob. 63PCh. 4 - Prob. 64PCh. 4 - Prob. 65PCh. 4 - Prob. 66PCh. 4 - Prob. 67PCh. 4 - Prob. 68PCh. 4 - Prob. 69PCh. 4 - Prob. 70PCh. 4 - Prob. 71PCh. 4 - Prob. 72PCh. 4 - Prob. 73PCh. 4 - Prob. 74PCh. 4 - Prob. 75PCh. 4 - Prob. 76PCh. 4 - Prob. 77PCh. 4 - Prob. 78PCh. 4 - Prob. 79PCh. 4 - Prob. 80PCh. 4 - Prob. 81PCh. 4 - Prob. 82PCh. 4 - Prob. 83PCh. 4 - Prob. 84PCh. 4 - Prob. 85PCh. 4 - Prob. 86PCh. 4 - Prob. 87PCh. 4 - Prob. 88PCh. 4 - Prob. 89PCh. 4 - Prob. 90PCh. 4 - Prob. 91PCh. 4 - Prob. 92PCh. 4 - Prob. 93PCh. 4 - Prob. 94PCh. 4 - Prob. 95PCh. 4 - Prob. 96PCh. 4 - Prob. 97PCh. 4 - Prob. 98PCh. 4 - Prob. 99PCh. 4 - Prob. 100PCh. 4 - Prob. 101PCh. 4 - Prob. 102PCh. 4 - Prob. 103PCh. 4 - Prob. 104PCh. 4 - Prob. 105PCh. 4 - Prob. 106PCh. 4 - Prob. 107PCh. 4 - Prob. 108PCh. 4 - Prob. 109PCh. 4 - Prob. 110PCh. 4 - Prob. 111PCh. 4 - Prob. 112PCh. 4 - Prob. 113PCh. 4 - Prob. 114PCh. 4 - Prob. 115PCh. 4 - Prob. 116PCh. 4 - Prob. 117PCh. 4 - Prob. 118PCh. 4 - Prob. 119PCh. 4 - Prob. 120PCh. 4 - Prob. 121PCh. 4 - Prob. 122PCh. 4 - Prob. 123PCh. 4 - Prob. 124PCh. 4 - Prob. 125PCh. 4 - Prob. 126PCh. 4 - Prob. 127PCh. 4 - Prob. 128PCh. 4 - Prob. 129PCh. 4 - Prob. 130PCh. 4 - Prob. 131PCh. 4 - Prob. 132PCh. 4 - Prob. 133PCh. 4 - Prob. 134PCh. 4 - Prob. 135P
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.Similar questions
- What do you think is more effective in the long run, bringing in more staff during peak times or investing in cross-training and process redesign to manage demand variability better? With a Referencearrow_forward5. Glenn Dental Clinic provides general dental care to residents of Philadelphia on a walk-in basis. The clinic has started receiving complaints from patients that the waiting time is too long and has asked you to investigate whether this problem can be solved. Upon arrival, customers first receive a series of paperwork from the receptionist and fill out relevant information such as personal health records and insurance provider. The form is then handed back to the receptionist who enters the information into the computer system for the dentist to see. A dental assistant then takes an X-ray from the patient. A dentist then performs the checkup and discusses any issues with the patient. Based on conversations with staff members at the clinic, you have obtained the following information on the process: a. It takes about 5 minutes for a customer to fill out the paperwork. b. Entry of information on the paperwork into the system and verification with past records takes another 5 minutes…arrow_forwardWhy should businesses not set efficiency as the only goal? • Note: Include a reference with supportive citations in the discussion reply in your post.arrow_forward
- Do you think there are other methods to achieve efficiency, such as specialization or using technology to alleviate the bottleneck, like patient wait time?arrow_forwardIs it hard to improve efficiency in a process? Why or why not? Give an example of how to improve the efficiency of a process. Please provide a reference in APA formarrow_forwardSimplex Method Three types of paints are manufactured in one machine; Interior paint, Exterior paint and Paint for metal structures. The preparation time for each type of paint is 2, 3 and 4 minutes respectively and the processing time is 3, 2 and 1 minute. The profit contributed by each product is 12, 10 and 15 dollars respectively. The machine availability is 100 minutes and 200 minutes for machine setup. 1. Determine the optimum number of types of paints to be manufactured. 2. Determine the optimal utility value.arrow_forward
- The company LED S.A DE C.V. produces 2 devices for lamps, devices 1 and 2 that require metal parts and electrical parts. The manager wants to determine how many units of each product should be manufactured to maximize the profit for each unit, device 1 requires 2 metal parts and 4 electrical parts, device 2 requires 4 metal parts and 2 electrical parts, the company has 24 units of each material available for batch production, device 1 generates $4 profit and device 2 generates $6 profit. a) Formulate PL model. b) Solve by the graphical method and determine what is the resulting maximum profit. Translated with DeepL.com (free version)arrow_forwardQuestion 3 i. Using the Center of Gravity method, determine the optimal location (X, Y) for the new distribution center. [7 marks] [TOTAL 25 MARKS] Time (sec.) Power steering assembly firm wants to set up an assembly line which must have an output of 60 units per hour. The work elements, task times and their precedence relationships are shown in Table 2: Table 1 Work Element Immediate Predecessor(s) A 30 NONE B 26 A C 50 A D 44 B E 10 с F 20 с G 15 D.E H 30 E,G,F Required: a. Draw the precedence diagram showing the task precedence and their times b. Determine the cycle time associated with the rate of output required. [3 marks] c. What is the theoretical number of work stations required to satisfy this output rate? [3 marks] [4 marks] d. Allocate the tasks to work stations taking into consideration the precedence requirements and using the LOT rule to break ties between feasible tasks. e. Calculate the total idle time [8 marks] [3 marks] f. What is the efficiency of the line and the…arrow_forwardHyundai Motors is considering three sites-A, B, and C-at which to locate a factory to build its new electric car batteries. The goal is to locate at a minimum-cost site, where cost is measured by the annual fixed plus variable costs of production. Hyundai Motors has gathered the following data: Site Annualized Fixed Cost Variable Cost per Battery Produced A $11,000,000 $2,600 B C $2,000 $1,100 $20,000,000 $25,000,000 The firm knows it will produce between 0 and 60,000 batteries at the new plant each year, but, thus far, that is the extent of its knowledge about production plans. a) The value of volume, V, of production above which site C is recommended = batteries (round your response up to the next whole number).arrow_forward
- Hyundai Motors is considering three sites-A, B, and C-at which to locate a factory to build its new electric car batteries. The goal is to locate at a minimum-cost site, where cost is measured by the annual fixed plus variable costs of production. Hyundai Motors has gathered the following data: Site Annualized Fixed Cost Variable Cost per Battery Produced A $11,000,000 $2,500 B C $2,100 $1,050 $20,000,000 $25,000,000 The firm knows it will produce between 0 and 60,000 batteries at the new plant each year, but, thus far, that is the extent of its knowledge about production plans. a) The value of volume, V, of production above which site C is recommended = batteries (round your response up to the next whole number).arrow_forwardThe importance of keeping track of invoices and budgeting in a nursing home kitchen and how can a nutritionist utilize this in their career? Please not just a short explanation.arrow_forwardThe importance of interviewing potential food service aides and how can a nutritionist utilize this in their career? Please not just a short explanation.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,